Ovid plans offering of convertible preferred stock, common stock

By Rebecca Melvin

New York, Oct. 3 – Ovid Therapeutics Inc. plans to price an offering of series A convertible preferred stock via Cowen and Co. LLC and William Blair & Co. LLC as joint bookrunning managers of the deal, according to a preliminary prospectus filed with the Securities and Exchange Commission.

Concurrently with the preferred stock, Ovid is making a secondary offering of common stock.

The proceeds of both offerings are earmarked primarily to advance the clinical development program of OV101 for Angelman syndrome and Fragile X syndrome, and the clinical development program of OV935 for DEEs. The remaining prices will be for working capital and general corporate purposes.

Each preferred share is convertible into 1,000 shares of its common stock at any time at the holder’s option.

Further details were not immediately available.

Ovid Therapeutics is a New York-based biopharmaceutical company.

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